Chairman of the Board of Directors of Iran's Blockchain Association said following the ban on cryptocurrencies trade such as bitcoin in Iran the volume of bitcoin trade has decreased to 300 bitcoins from 1000 ones.

IBENA- Regarding Iranian government's decision to use cryptocurrencies' grounds, Sepehr Mohammadi made the remarks that if the government makes a decision that just state sector can have activity in cryptocurrencies sphere and the private sector can't participate in comprehensive economic and scientific areas, the country will encounter some problems in the future.

He mentioned no country has made its own national cryptocurrency successfully yet, so Iran national cryptocurrency can be successful on the condition that the private sector as an economic stimulus be able to use this ground based on the defined framework.

The official said since Farvardin month (April) as cryptocurrencies trade was banned in Iran, there is no official figure, but it is estimated that before the ban on cryptocurrencies trade in the country it was roughly 1000 bitcoins in Iran daily, while it has reduced to 300 bitcoins now.

Talking about circumventing sanctions with bitcoin and the help of this digital currency to Iran's economy in sanctions era, Mohammadi said it is possible to circumvent sanctions with bitcoin but it is limited. He continued that by using blockchain technology we can cope with sanctions in unlimited aspects, adding by using bitcoin, 100 million dollars can be transferred daily, while blockchain's capability lets us have multi- billion dollars trades daily. Hence this significant issue should be on the agenda.

Chairman of the Board of Directors of Iran's Blockchain Association said instead of using bitcoin as a product, the country's orientation should be toward employing blockchain infrastructure to cope with sanctions.

It is worth mentioning that IBENA is an only specialized news agency in banking and economy areas, which is affiliated with the Central Bank of Iran.